Alset (NASDAQ:AEI) CEO Heng Fai Ambrose Chan Sells 500,000 Shares

Key Points

• Heng Fai Ambrose Chan, CEO of Alset Inc. (NASDAQ:AEI), sold 500,000 shares at an average price of $2.67, totaling approximately $1.335 million, which decreased his ownership by 1.57%.
• Alset's stock price surged by 33.0%, reaching $4.27, with a market cap of $167.47 million and a significant increase in trading volume.
• The company's Board of Directors authorized a $1 million share buyback plan, indicating that management believes the shares are undervalued.

Alset Inc. (NASDAQ:AEI - Get Free Report) CEO Heng Fai Ambrose Chan sold 500,000 shares of Alset stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $2.67, for a total transaction of $1,335,000.00. Following the sale, the chief executive officer owned 31,322,903 shares of the company's stock, valued at approximately $83,632,151.01. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Alset Trading Up 0.6%

Shares of NASDAQ AEI traded up $0.02 during midday trading on Friday, reaching $3.47. 2,411,423 shares of the stock were exchanged, compared to its average volume of 1,517,821. The company has a market capitalization of $136.10 million, a P/E ratio of -3.30 and a beta of 1.24. Alset Inc. has a 52-week low of $0.70 and a 52-week high of $4.55. The stock has a 50 day moving average price of $1.68 and a 200-day moving average price of $1.18.

Alset (NASDAQ:AEI - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.71) EPS for the quarter. The firm had revenue of $1.10 million for the quarter. Alset had a negative return on equity of 14.31% and a negative net margin of 77.86%.

Alset announced that its board has initiated a stock buyback program on Monday, June 23rd that authorizes the company to repurchase $1.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are undervalued.

About Alset

Alset Inc engages in the real estate development, financial services, digital transformation technologies, biohealth activities, and consumer products businesses in the United States, Singapore, Hong Kong, Australia, and South Korea. It operates through four segments: Real Estate, Digital Transformation Technology, Biohealth, and Other Business Activities segments.